Philippines may remain on FATF grey list until 2025, AML chief says

The country still needs to complete three action items.

The Philippines.- The Philippines may not exit the Financial Action Task Force (FATF) grey list until January next year. Bangko Sentral ng Pilipinas (BSP) governor and Anti-Money Laundering Council (AMLC) chairman Eli Remolona Jr told an economic forum held by the Economic Journalists Association of the Philippines, that the country must still address three of the 18 action items required for removal.

He said: “In October, the FATF will decide if we’ve fulfilled the 18 action plans. Then, between October and January, they will verify our progress. January is the anticipated exit date.”

Remolona said the government was enhancing its monitoring of casino junkets in collaboration with the Philippine Amusement and Gaming Corporation (PAGCOR). The country must also implement cross-border measures at all major sea and airports, including detecting false currency declarations and confiscating illicit proceeds.

The country was put on the FATF grey list in June 2021 after an evaluation by the Asia-Pacific Group on Money Laundering (APG). It had a target of exit by October, but the Philippines was kept on the list after the last FATF meeting in June.